RBI extends timeline for submission of applications for authorisation by Payment Aggregators
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- Last Updated on 30 July, 2022
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Circular no. RBI/2022-23/94 CO.DPSS.POLC.No.S-761/02-14-008/2022-23, Dated: 28.07.2022
The RBI had observed that applications received from some Payment Aggregators (PAs) had to be returned as they had not complied with eligibility criteria, including the minimum net worth criterion of Rs. 15 crores by March 31, 2021. This also implied that they have to discontinue their operations within a period of six months from the date of return of application. Though they have the option to apply afresh on meeting the prescribed criteria, ceasing operations may lead to disruption in payment systems. It is also possible that some PAs had not applied to RBI due to non-fulfilment of eligibility criteria.
In view of the disruption caused by the COVID-19 pandemic, the RBI has decided to allow another window to all such Payment Aggregators (existing as on March 17, 2020) seeking authorisation under the Payment and Settlement Systems Act, 2007 by September 30, 2022 and shall have a net worth of Rs. 15 crores as on March 31, 2022. The timeline of March 31, 2023 for achieving the net worth of Rs. 25 crores shall, however, remain. Earlier, they were required to apply to RBI by September 30, 2021.
Click Here To Read The Full Circular
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